An international loan without SCHUFA in 2024 is by definition a credit facility granted by an overseas bank or a loan broker from abroad for a German borrower who is facing a bad credit score with the major German credit bureau.
The international loan without SCHUFA has the objective to give access to credits and financing facilities to German consumers who get rejected for any loan application they provide to any German lender because of their bad credit score with SCHUFA.
WHAT IS SCHUFA ? DEFINITION
SCHUFA (or Schutzorganisation für Allgemeine Kreditsicherung, translated in Organisation for the Protection of General Credit Risk Mitigation) in 2024 is defined by the most important entity in Germany which is dealing with credit score as a rating agency for individuals, corporates and banks.
SCHUFA’s main objectives is to protect the interests of any lender by using a risk warning and score system informing any risk taker about the solvability of borrowers and consumers in general.
The German credit bureau SCHUFA role is not only to protect the lenders such as banks, and loan brokers, but also to inform other German entities like energy suppliers, telecom companies or any counterparty which is taking a risk when offering a service or supplying goods.
A personal loan from abroad is a loan dedicated to cover the consumer purchases of a borrower but through lending institutions located abroad.
WHY IS AN INTERNATIONAL LOAN WITHOUT SCHUFA IS USEFUL FOR A GERMAN BORROWER ?
The reasons why an overseas loan without SCHUFA is useful for a German borrower who has a bad credit score are various:
International lenders have no access to the SCHUFA data base such as German lenders have.
Overseas banks are more flexible when it comes to the risk appetite they have towards foreigners from Germany.
Lenders abroad are open to monetize any assets the German borrower has without considering any SCHUFA score.
WHAT KIND OF CREDITS WITHOUT SCHUFA ARE WISHED ABROAD IN 2024?
Usually German loan seekers who are facing issues with the German credit rating agencies are after the following credit facilities in 2024:
A mortgage without SCHUFA.
A car leasing contract without SCHUFA.
A personal loan.
A credit card without SCHUFA.
A debt consolidation.
WHAT SERIOUS SOLUTIONS ARE INTERNATIONAL LENDERS OFFERING WITHOUS USING SCHUFA SCORING SYSTEM ?
Serious and reliable options are granted through overseas lenders under specific conditions:
A private loan (between individuals) with negative SCHUFA.
P2P (peer-to-peer) loan without SCHUFA.
Crowdfunding.
Pawn loans (including for a pledge for a car).
Payday loans with negative SCHUFA.
Reverse mortgage (for property owner).
INTERNATIONAL LOAN BETWEEN INDIVIDUALS (P2P LOAN) WITH NEGATIVE SCHUFA WITH UPFONT FEE
A loan between individuals is a cash facility which is granted even with negative SCHUFA from a person to another person abroad mainly via regulated P2P platforms avoiding any suspicious or fraudulent attractive credit providers who are only after an advance payment without offering any loan.
CROWDFUNDING WITH NEGATIVE SCHUFA
Overseas crowdfunding platforms are usually the best loan markets places to obtain a cash injection with no checking of the SCHUFA register, as the investors are more interested in the financial return of the project which is presented by a borrower hos has bad German credit score.
PAWN LOAN WITHOUT SCHUFA
A pawn loan is excellent alternative to access to cash even with a negative SCHUFA as pawnshop lender are securing their loan facility through a valuable assets presented through a borrower which can be gold or even a vehicle.
OVERSEAS PAYDAY LOAN WITH NEGATIVE SCHUFA
An international payday loan is very short term cash facility which needs to be repaid after 2 or 3 weeks and where a guaranty is not required ans even facing SCHUFA but where however very high interest rates are applied.
INTERNATIONAL REVERSE MORTGAGE IN CASE OF SCHUFA
Overseas reverse mortgage structures are solution for those who are owning a property but suffering under a negative SCHUFA score and who offering a real estate value to secure a loan from abroad.
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